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Nigerian Blockchain Startup SureRemit Raises $7 Million in Biggest African ICO To Date

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Sureremit ICO

SureRemit, a Nigerian blockchain startup, has raised $7 million during its token sale held from December 8th to February 8, 2018, to develop its non-cash remittance platform.

A Succesful African ICO

SureRemit, which is majority owned by GreenHouse Capital, a Nigeria-based fintech holding company, utilises blockchain technology to allow diaspora Africans to make non-cash remittances to their families back home.

This is facilitated by the Remit token (RMT), a utility token designed on the Stellar Network. RMT tokens are used within the SureRemit platform and can be transferred between users. The tokens can be supported by wallets and traded on exchanges that already host Stellar lumens.

The Remit tokens were floated to early investors during the Pre-ICO at the start of the year. Pre-sale investors benefited from a 40 percent discount on RMT tokens which are presently retailing at 50 RMT for $1.  According to SureRemit Director, Samuel Biyi, participants in the ICO can expect the platform to use the funds raised to ramp up its operations by adding more merchants to its network. The company also plans to grow its team and bring in experienced professionals who can build and manage merchant relationships.

In an interview with E-Labz, Samuel Biyi acknowledged they have been attempts in the past to create non-cash services for different use cases but SureRemit has now applied the concept to the remittance sector. He states:

“We are looking to be the first coordinated effort into creating the product that is specific to that use case (non-cash remittance) not just you know becoming a hybrid of something else so we are aggregating local, physical merchants as well as utilities and channels [….] so I think we are the first major effort at running a global non-cash remittance platform.”

RMT tokens will be used within the SureRemit ecosystem to access vouchers and pay bills. Users will be able to create an order for a voucher to be delivered to the recipient via SMS or email, by selecting a country and the right merchant category and paying for the process using their Remit tokens. Upon receipt of the order, the token will be frozen until the voucher is sent from the SureRemit system. Once that occurs, the token is transferred to SureRemit.

Diaspora users can purchase instant shopping vouchers and pay utility bills for friends and relatives across Africa. For seamless remittances, the company relies on its merchant network in Nigeria, Rwanda, and Kenya, together with international partners to send e-vouchers that can be redeemed for goods and services at any of the affiliate merchants.

Attracting Top Investors

A number of prominent cryptocurrency investors participated in the funding round including Hashed, South Korea’s largest cryptocurrency fund. Hashed’s decision to back SureRemit’s pre-ICO token sale signals a growing interest for corporate investors in the potential of blockchain technology to solve remittance challenges in emerging markets where the large swathes of the populace remain disconnected from financial services. The fund has previously supported blockchain-based projects like Ethereum, Simple Token, and Airswap.

Kelechi Nwokocha, a member of the GreenHouse investment team, mentioned in a New Telegraph Online article,

“The implications of growth capital outside of equity financing is huge. It means SureRemit can scale its operations without additional capital from existing shareholders. SureRemit is just one of our 10 fintech enabled portfolio companies that can potentially leverage blockchain to address a specific market gap, particularly in Africa. We’re happy to take the lead on blockchain and cryptocurrency implementations on the continent.”

SureRemit aims to in the future integrate RMT tokens acceptance directly to the network’s partners, which in turn they can convert to fiat money and thus enabling token transfers to happen directly to the merchant’s balance.

The SureRemit ICO has been the most successful token sale in Africa to date and will likely encourage more offerings of this kind on the continent this year.

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Linum Labs Announces Decentralised Healthcare R&D Funding Platform ‘Molecule’

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Molecule Platform

Blockchain development company Linum Labs has announced the launch of a decentralised open-source funding platform to fast-track innovation in pharma called Molecule.

The Molecule Platform

Linum LabsLinum Labs, which deals with blockchain-based solutions in healthcare and identity, has created the Molecule platform in order to bring together industry, patients, and scientists in an open collaborative market where drug development can be advanced.

The open platform allows participants to contribute funds towards drug development, thereby, achieving Lunum Labs’ goal of distributing cost and risk.

To achieve this, Linum Labs is leveraging blockchain technology and open science to build a fair and accountable market-based platform for the research and funding of pharmaceutical intellectual property.

The Decentralised Answer to the Pharma Research Monopoly

Molecule aims to solve the problem of the monopolisation of research in the pharmaceutical industry, reduced trust, and the expensive, risky, and slow nature of drug development.

Paul Kohlhaas, CEO of Linum Labs, stated: “The pharmaceutical industry faces an innovation crisis caused by the challenges around drug development and the monopolisation of IP. Bringing a drug to market is a high-cost, high-risk, and slow endeavour, and it is generally large organisations that single-handedly shoulder these burdens, leading to massively inflated prices and a lack of innovation.”

Molecule solves these challenges by offering a low-friction crowdsourcing research and funding platform that reduces risk to investors and IP creators in an inclusive environment.

“Molecule enables new economic incentive models for distributed R&D that leverage open science, Web3 and bonding curves to create a fair and accountable market-based platform for the discovery and funding of pharmaceutical IP. The ecosystem aims to align all stakeholders to collaborate in order to move away from environments where only ‘blockbuster drugs’ get approved for development, and towards a more patient-focused approach,” Kohlhaas added.

Development

Molecule

Linum Labs AG started building Molecule in early 2018 on behalf of Swiss non-profit, the Molecule Foundation.

The next stage of “development will include further iterations of the initial proof-of-concept, leading into a minimum viable product,” Linum Labs writes in a statement. This stage will be backed by a financial round that will begin in the second quarter of 2019.

Linum Labs is presently hiring and looking for partners to back the Molecule platform.

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Raise Launches Africa’s First Security Token Platform

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Raise Token Security Platform
Images by Raise

On February 14, 2019, financial technology company Raise announced the launch of the alpha version of its security token platform that is being developed with the aim to tokenise assets in Africa.

The Raise Token Security Platform

The token security platform by Raise is the first security token product to be developed and launched in the African continent.

RaiseA security token is a digital representation of a real-world financial asset such as a land title or share certificate that is built with blockchain-based technology. This makes them very secure digital assets that ease fundraising, lower the costs of cross-border transfers and compliance.

According to the company press release, Raise is a software-as-a-service (SaaS) tool built for funds, law firms and companies to securely digitise partnership units, share certificates, and real estate assets. The platform is able to develop customised digital securities that can be programmed with key performance indicators, custom data and limited partnership or shareholder information.

The co-founders of Raise, CEO Marvin H. Coleby and CTO Eugene Mutai, made the announcement at the annual Africa Tech Summit that was held in Kigali, Rwanda.

Growing Potential for Private Markets

Coleby, an entrepreneur and securities lawyer from the Bahamas, emphasised the potential for more accessible and liquid private markets by saying:

“Today, it’s difficult to move shares between funds and companies. Navigating regulatory requirements, tracking securities ownership and raising financing can be difficult. We have to check and verify a multitude of complex requirements and documents to move assets that many of us already own. This makes private markets expensive and slow to operate – it can take weeks to transfer shares between consenting parties. As a result, private markets are not nearly as liquid as public markets, immobilizing assets and restricting financial inclusion. Blockchain technologies can encode compliance requirements and ease document processes that make private markets difficult to navigate.”

“We’re excited to contribute to a global movement to simplify private markets and securities innovation with this new product and look forward to further development updates this year. This is especially true on the African continent, we strongly believe that fluid and efficient capital markets can create enormous wealth for millions of people and transform intra-African trade,” he added.

Future Plans

The Raise’s platform is mainly targeting the private capital markets sector and is currently working with a list of companies, law firms and private funds to officially launch its platform later in 2019.

So far, Raise has partnered with Africa Legal Network that is an association of 16 corporate law firms to develop a continental regulatory framework for security tokens. The partnership led to the launch of the African Digital Asset Framework, which is an open-source project designed to create standards for blockchain technologies.

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HelloGold and Baobab Group Partner to Boost Financial Inclusion in Africa

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HelloGold and Baobab Group

Malaysian fintech savings platform HelloGold has partnered with Baobab Group to boost financial inclusion in Africa. The partnership will help the Asia-based company to enter the African market where it will offer financial products alongside Baobab.

The HelloGold and Baobab Group Partnership

BaobabHelloGold will leverage Baobab’s infrastructure and experience in offering digital financial services while bringing on board its gold-backed savings and products, according to DigitalNewsAsia. Moreover, the partnership will enable Baobab to scale its financial inclusion services on the continent via an integrated savings platform.

The integrated savings platform will enable users to purchase, invest, and save in gold via a mobile app. The use of the mobile app will make gold an easily accessible and secure savings option for customers.

Baobab currently operates in nine African countries, has 1,140 functional service points across Africa and has distributed over $1.1 billion loans to micro businesses, women, and the youth.

Arnaud Ventura, Baobab’s Group chief executive officer and founder, said: “We are pleased to announce this partnership, which will allow our clients to benefit from new digital services. The possibility to easily save and invest in gold is an additional key offered to our clients to unleash their potential. This collaboration with HelloGold will allow us to integrate this savings offer in the nine African countries we are working with.”

“Our partnership with Baobab demonstrates HelloGold’s capacity to provide financial solutions for our current and prospective partners. While we bring financial products on our technology, we support our partners in the building of their own offerings, providing differentiated value and services on their platforms,” HelloGold’s CEO Robin Lee commented in a statement.

Baobab enables its customers in Africa and China to manage their finances instantly, safely, and easily with its digital and mobile solutions. HelloGold offers its customers the opportunity to purchase and sell gold via an app. The physical gold is stored in secure and insured vaults in Singapore and it can be used as collateral for loans or as savings.

According to Lee, HelloGold applies blockchain technology in its financial products to make them affordable to customers.

Future Plans

HelloGoldHelloGold plans to establish gold vaults in Dubai and to offer its products in Indonesia and the Middle East this year. The company also recently launched in Thailand.

With mobile-driven financial inclusion in Africa on the rise, the two companies are positioning themselves to tap into the opportunities of the growing digital financial sector on the continent.

According to the World Bank Findex survey, financial inclusion grew from 23 percent in 2011 to 43 percent in 2017 in Sub-Saharan Africa.

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